I am in the process of selling my flat in Locks Heath and the EA has just telephoned to advise that the purchasers are switching property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a big named mortgage company only engage with specific law firms rather the firm that they want to choose for their conveyancing in Locks Heath ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are unlikely to have any sway in the decision.
Why is leasehold purchase conveyancing in Locks Heath costs more?
In short, leasehold conveyancing in Locks Heath and Hampshire usually warrants additional hours of investigation compared to freehold transactions. This includes lease investigation, corresponding with the landlord concerning serving applicable notices, securing up-to-date service charge and management information, procuring the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I used Wolstenholmes several years ago for my conveyancing in Locks Heath. Now, I need my files however cannot find the solicitor. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Locks Heath of the conveyancing firm of solicitors you previously used, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
About to purchase a new build flat in Locks Heath. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Locks Heath
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants.
Am I right to be suspicious that brokers that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street Locks Heath conveyancing company?
As is the case with many service providers, often referrals from relatives can be most helpful. But there are many players in a conveyancing deal; estate agents, mortgage brokers and lenders might all recommend conveyancers to select. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there exists a commercial relationship behind the endorsement. You are free to select your own lawyer. However, bear in mind that the majority of lenders operate an approved list of lawyers you must use for the lender aspect of your conveyancing.
Do you have any advice for leasehold conveyancing in Locks Heath from the perspective of expediting the sale process?
- A significant proportion of the delay in leasehold conveyancing in Locks Heath can be avoided where you appoint lawyers as soon as you market your property and ask them to put together the leasehold documentation needed by the purchasers’ conveyancers. If you have had conflict with your landlord or managing agents it is very important that these are resolved before the property is put on the market. The buyers and their solicitors will be warry about purchasing a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than unsettled. Many landlords or managing agents in Locks Heath levy fees for providing management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most usual reason for frustration in leasehold conveyancing in Locks Heath. In the event that you altered the property did you need the Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Locks Heath state that internal structural alterations or addition of wooden flooring require a licence from the Landlord acquiescing to such changes. Where you fail to have the approvals to hand you should not contact the landlord without contacting your solicitor before hand.
Locks Heath Conveyancing for Leasehold Flats - Sample of Questions you should ask before buying
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How much is the ground rent and service charge? What restrictions exist in the Locks Heath Lease? For many Locks Heath leaseholds the outlay for major works tend not to be included within maintenance charges, although there some managing agents in Locks Heath ask leasehold owners to pay into a sinking fund and this is used to offset against larger works.